Arrow Financial Corp Trims Holdings in Arrow Financial Co. (NASDAQ:AROW)

Arrow Financial Corp cut its holdings in Arrow Financial Co. (NASDAQ:AROW - Free Report) by 3.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,899,569 shares of the financial services provider's stock after selling 70,224 shares during the period. Arrow Financial makes up 5.2% of Arrow Financial Corp's portfolio, making the stock its 3rd largest position. Arrow Financial Corp owned 11.35% of Arrow Financial worth $54,537,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rhino Investment Partners Inc bought a new position in Arrow Financial in the fourth quarter worth about $5,458,000. Northern Trust Corp lifted its stake in shares of Arrow Financial by 1.6% in the 4th quarter. Northern Trust Corp now owns 148,921 shares of the financial services provider's stock valued at $4,276,000 after purchasing an additional 2,296 shares during the period. Voya Investment Management LLC boosted its position in shares of Arrow Financial by 15.5% during the fourth quarter. Voya Investment Management LLC now owns 178,680 shares of the financial services provider's stock valued at $5,130,000 after purchasing an additional 24,036 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Arrow Financial by 8.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 29,347 shares of the financial services provider's stock worth $843,000 after purchasing an additional 2,350 shares during the period. Finally, Hsbc Holdings PLC bought a new position in Arrow Financial in the fourth quarter worth $357,000. 46.71% of the stock is owned by institutional investors.

Insider Transactions at Arrow Financial

In other Arrow Financial news, Director Raymond F. O'conor sold 2,000 shares of Arrow Financial stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $25.94, for a total transaction of $51,880.00. Following the transaction, the director now owns 31,022 shares of the company's stock, valued at $804,710.68. The trade was a 6.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 6,000 shares of company stock worth $153,240 in the last quarter. Company insiders own 3.55% of the company's stock.

Arrow Financial Stock Up 0.7 %

Shares of AROW stock traded up $0.19 during mid-day trading on Tuesday, hitting $25.32. The company's stock had a trading volume of 9,851 shares, compared to its average volume of 42,339. The stock has a market cap of $422.03 million, a price-to-earnings ratio of 14.30 and a beta of 0.78. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.93. Arrow Financial Co. has a 52-week low of $22.72 and a 52-week high of $34.63. The business has a 50-day moving average price of $25.42 and a 200 day moving average price of $27.92.

Arrow Financial (NASDAQ:AROW - Get Free Report) last posted its earnings results on Thursday, May 1st. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.06). The company had revenue of $50.37 million for the quarter, compared to the consensus estimate of $39.26 million. Arrow Financial had a net margin of 13.32% and a return on equity of 8.59%. Research analysts predict that Arrow Financial Co. will post 2.65 EPS for the current fiscal year.

Arrow Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th will be given a $0.28 dividend. The ex-dividend date is Tuesday, May 13th. This represents a $1.12 annualized dividend and a yield of 4.42%. Arrow Financial's payout ratio is 65.88%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Piper Sandler decreased their target price on shares of Arrow Financial from $30.00 to $28.00 and set a "neutral" rating for the company in a research note on Monday. StockNews.com raised Arrow Financial from a "sell" rating to a "hold" rating in a report on Friday.

Arrow Financial Profile

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.